All Forum Posts by: Mike S.

Thanks for the advice Doug, they basicly want 60k for the house..Her debt cleared and some cash in her pocket...I had thought about them not paying the rent.. there are a lot of unknowns at this point...

Hello all, I have a dilemma. I spoke with a motivated seller recently about purchasing  their home. She inherited it 10 years ago, took out a second mortgage and a heloc. she cant make the payments due to her husbands health and cant work. time is up on the heloc with a 16k balance due now (cant be extended due to delinquent taxes), 34k balance on the 2nd motgage, 5k owed on 3 years back taxes. She wants 60k to clear her debt and put a few grand in her pocket. they also want to stay in the home and rent it back for 6 years until she retires. the house needs a bath and kitchen remodel but that could wait until they leave. The central a/c unit is the next thing that needs to be replaced (25 years old) arv is around 115-120k. rent 850-900. one part says to try and make it happen and help these folks with their problem one part says back off..can a sub 2 arrangement be worked out with this? thanks for reading this far..I know its long

Hi Wendy,Thanks for the advice. VA is a title closing state, I just wanted to sit with these folks and get some proffesional advice before moving forward..I have been to city hall, and the courthouse yesterday before my visit to meet the owner. can I PM you the details, its a bit involved...?

Hello all, I've been lurking here for a while and absorbing a lot of knoledge, what a great resource with a bunch of great people. I have a possible sub-2 deal that I might pull the trigger on but it has a couple of issues with back taxes and a judgement. does anyone know of a good real estate attorney in Colonial Heights VA that I could sit down an discuss these roadblocks and maybe handle the closing if it works out...